BP Regains Right to Bid on US Drilling Leases

British energy giant BP has regained the right to bid for lucrative oil drilling leases in the Gulf of Mexico off the southern U.S. coast.

BP had been barred from U.S. contracts following the company's disastrous 2010 oil rig explosion in the gulf that killed 11 people and spewed nearly five million barrels of oil.

The spill forced BP to sell more than $38 billion in assets to meet the cost of the cleanup and compensating individuals and businesses affected by what is the biggest marine oil spill in U.S. history.

BP's agreement this week with the U.S. government will allow it to bid on new oil and natural gas drilling rights for vast areas in the gulf that the U.S. is auctioning next week.